Debt is on everyone’s mind these days because the news is filled with stories of rising debt crises, interest rates, borrowing statistics and more. Personal debt is the kind of debt we are all most familiar with, and the information about consumer debt in Canada is mixed.
Whether personal debt in Canada is increasing or decreasing, having too much consumer debt is never a good idea. As personal debt rises, the difficulty of maintaining a positive financial position also increases. Reports are showing that this is what Canadians are experiencing. , the Office of the Superintendent of Bankruptcy reported that between August 2021 and August 2022, the number of insolvencies in Canada increased by almost 4%.
Filing for bankruptcy is the end result for those who do not work to get their debt under control. Fortunately, however, bankruptcy is not the only answer for those who seem to be so deeply in debt that they will never be free of their burden. Creditors are increasingly willing to settle consumer debts for less than what is actually owed, as they would rather walk away with some of their money instead of losing all claim to it in a bankruptcy judgment. Due to this fact, Nunavut debt settlement is an option you should seriously consider.
Unlike debt consolidation loans, a Nunavut debt settlement can lower your interest rate and erase a good portion of what you owe. Furthermore, debt settlement in Nunavut does not damage your credit for years like a personal bankruptcy does (although it WILL damage it somewhat). It will be nearly impossible for you to get credit for quite a long time after a bankruptcy, but potential creditors look far more favourably on consumers who have undergone debt settlement.
Settling your debt is something you generally shouldn’t do on your own. A professional debt relief company can get you the best rates and settlement when they negotiate with creditors on your behalf. Fill out the Canadian debt relief form for more information on debt settlement and other debt relief options in Nunavut.